Everywhere from New Zealand to New York:
- Property viewing rates are slowing.
- Buyers are putting off their searches.
- Transaction volumes are ticking downwards.
- Travel restrictions are denting developers’ ability to attract foreign investors.
- The holiday homes market is feeling an acute decline in bookings and a rise in cancellations, as governments apply travel bans and tourists put off travel plans.
- Emaar Group’s market value dropped 10% last week. Considered the proxy for investment in the UAE, this is a reflection of reduced visitor demand and consumer spending.
Regardless whether you think the media is irresponsibly fomenting CORONA hysteria. The reality is, the impact is rippling through global property markets.
Noone has a crystal ball.
This may all pass quickly as the hysteria subsides. But if these trends spread as rapidly as the virus itself, buckle up for a choppy 2020.
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